The Truth About Strata Are Owners Really Complying With the Law
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The Truth About Strata Are Owners Really Complying With the Law
- 1. The Truth About Strata; what purchasers really need to know. Part 1 Are our owners corporations complying with the law?
- 2. The truth about strata is …we are asleep at the wheel
- 3. The strata wheel of (mis)fortune ? Owners decide (or not) Purchasers buy Lawyers advise Managers act Inspectors report
- 4. Let’s take a building somewhere • 15 res apartments • Part of a mixed use stratum (separate OC’s) • Balance commercial and retail lots • Onsite management • Res OC levies $ 1550 per quarter • 4 years old
- 5. The seven things the owners must do meet record manage comply insure maintain $ave
- 6. The duty to meet (s.14) • Signifies developer control • Defines period for holding First Initial period AGM First AGM AGMs • Check developer handover • Defines the AGM meeting window • Check requirements for last notice of AGM • Look for next AGM if the date is close to avoid nasty surprises
- 7. The duty to manage ( s 61) Pets Parking Privileges Common property
- 8. The duty to maintain (s.62) • Reasonable steps • Best endeavors • Reasonable care … All fail the test of strict liability for repair and maintenance of common property in NSW; Seiwas case.
- 9. The duty to $ave ( s. 76) Year Plan Reality 2007 - - 2008 - $ 20 000 2009 - $ 30 000 2010 $ 44 572 $ 26 000 2011 $47 742 - Balance end 2010 $87 358 $ 61 249 Compliance (under 41.6%) ( short $ 26 107) ( 29.8 %)
- 10. The duty to insure ( s.83) Expectations of cover Reality of exclusions
- 11. The duty to record (s. 100) Soft copies Hard copies
- 12. The duty to comply (s 12)
- 13. The truth about this strata Disclosed Undisclosed
- 14. Purchasers remain dazed and confused Owners corporations tight ineffective Strata managers underpaid beyond scope Strata inspectors unsupported at risk
- 15. How we propose to help ? Educate inspectors Unite inspectors Better informed purchasers